The banking industry also poses the greatest threat of money laundering, according to the organizations, because banks are more susceptible to being abused because they facilitate large volumes of financial transactions.
Additionally, they offer services to clients who are more likely to dirty money, particularly those who come from countries with greater risk.
Business services companies, which are not in the financial sector, are more vulnerable because they could be used to commit crimes like the inclusion of shell businesses with complex ownership structures to conceal the personalities of the criminals.
The real estate, licensed believe companies, games and precious stones and metals businesses also pose a higher risk of money trafficking, said the authorities.
Within the financial sectors, digital payment token ( DPT ) services providers are also at a higher risk, along with cross- border money transfer service providers, such as remittance agents, and external asset managers.
According to the organizations, there has been an increase in reported situations involving DPTs and the way in which they can be used.
Local officials are also closely monitoring the market, despite the fact that local authorities in Singapore only have a small share of global activities.
” We do observe that many sectors have actually improved their controls as well as risk awareness over the years since the last ( assessment ),” said Ms. Thong Leng Yeng, executive director of the Anti-Money Laundering Department at MAS.
” Nonetheless, the global risks, as well as risk culture, have actually even increased in difficulty. So, it is crucial for companies, as well as other sectors of the economy, to ensure that they read and understand this ML NRA to make sure that their risk assessment is accurate and accurate, as well as to make sure that their mitigating measures are effective and sufficient to address these challenges.